Converge ICT Solutions Inc. on Thursday said it expanded its footprint in Visayas and Mindanao, having laid out more than 600,00 fiber ports in central and southern Philippines in the first seven months of the year.
“This means that we have nearly doubled our fiber footprint in the Visayas and Mindanao regions in just seven months from the 300,000 ports rolled out as of end-2021,” Dennis Anthony Uy, Converge chief executive said.
VisMin is increasingly becoming a vital growth area for Converge as it accounted for nearly a fifth or 20 percent of the total gross subscriber adds in the second quarter of 2022.
“For 2022, we’ve focused our efforts on expanding our presence in Visayas and Mindanao as these remain to be underserved and are untapped markets for us. There is still a lot of room to grow in these two regions. That’s why we’ve sped up the rollout of ports in VisMin cities, and we are doubling down on reaching these eager customers,” Jesus C. Romero, Converge chief operations officer said.
As a commitment to the growing customer-base in these areas, Converge opened business centers in key locations in Cebu. Last 2021, Converge launched its first business center and regional head office in Mandaue City.
“We remain bullish on the VisMin market and recognize the massive potential for Converge in Cebu where we see customers clamoring for world-class fiber connectivity,” Uy said.
As the economy opens, Converge also sees much opportunity in the SME Enterprise segment which increased by 26 percent during the first six months of 2022.
The company posted a net profit of P3.95 billion in the first six months, up 21 precent from P3.25 billion in the same period last year.
Consolidated revenues grew 36.3 percent in the first semester to P16.05 billion from P11.78 billion in the same period last year.
Residential revenues went up by 37.9 percent to P14.08 billion from P10.21 billion, driven by higher subscriber base. Converge ended June with 1.81 million residential subscribers.
Revenues from Enterprise business grew by 25.5 percent year-on-year in the first half and reached the milestone of more than P1 billion quarterly revenues in the second quarter.